103 Catron #51 · Santa Fe, NM 87501

$45,000

2 bd · 3.0 ba · 1,676 sqft · Condo public records · 95 Days on market

Built 2006 $833/mo HOA · 27% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing opportunity: this spacious 1,850 sq ft residence is priced the same as smaller units currently on the market—don’t miss out! This is the only 3-bedroom unit available in El Corazon for fractional ownership, offering exceptional space and value just a 5-minute walk to the Historic Santa Fe Plaza, restaurants, galleries, and shopping. Own a fractional share of this beautifully appointed 3-bedroom, 2.5-bath townhome. Not a timeshare—this is deeded real estate. Owners receive 4 guaranteed weeks per year, plus additional weeks based on availability, and may share their time with friends and family. The HOA covers property taxes, insurance, utilities, and full maintenance, including furnishings, appliances, on-site staff, and gated parking. Community amenities include a fitness gym and outdoor BBQ area, making this a convenient and effortless way to enjoy Santa Fe.

Key facts

• 3 bedroom unit
• Fitness gym
• Community amenities

Tags

• 3 BEDROOM UNIT
• COMMUNITY AMENITIES
• FITNESS GYM
• OUTDOOR BBQ AREA
• GATED PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 42.0% vs local median 2.4% in Santa Fe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#9 in NM, #4,641 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F.
• Santa Fe Public Schools (urban): math 34% / reading 70% proficiency, ranked #6 of 29 in NM (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 235 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• At $3,142/mo this rent would consume 47% of the median local household income ($80k/yr) (locally 905% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 6.98% ✓
• Cap rate: 41.98%
• Cash-on-cash: 127.44%
• DSCR: 6.67
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.65% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.14×
• Total profit: $77,389
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: 14.88×
• Total profit: $174,909
• Equity at exit: $3,891

Cash invested: $12,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State New Mexico: 55 Moderately Landlord-Leaning · D+3
• County: — inherits STATE
• City: — inherits STATE

3-day notice but with cure rights; relocation assistance in some cities.

Methodology + full state rankings →

ZIP-level market 87501

• Rents YoY: 2.6%
• Active inventory: 235
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $3,142 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$833
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $1,338

Break-even live

Break-even rent $1,448

Max offer price $45,000

Occupancy floor 52%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Staab St Santa Fe, NM	3.0	2.0	1800	$3,900	$2.17	21d	1	0.17mi
326 Staab St Unit NA Santa Fe, NM	3.0	2.0	1800	$3,900	$2.17	43d	1	0.17mi
602 Griffin St Santa Fe, NM	2.0	2.0	1500	$3,500	$2.33	43d	1	0.29mi
101 Williams St Unit A Santa Fe, NM	2.0	2.0	1314	$3,500	$2.66	43d	1	0.51mi
602 Agua Fria St Santa Fe, NM	2.0	1.5	1300	$2,950	$2.27	43d	1	0.61mi
231 W Manhattan Ave Unit A Santa Fe, NM	2.0	2.0	1250	$3,500	$2.80	43d	1	0.67mi
126 Fiesta St Santa Fe, NM	2.0	1.0	2094	$2,300	$1.10	21d	1	0.70mi
1433 Paseo de Peralta Santa Fe, NM	2.0	1.0	1200	$2,300	$1.92	43d	1	0.79mi
216 Miramonte St Santa Fe, NM	3.0	1.5	1300	$2,850	$2.19	43d	1	0.86mi
701 Camino de la Familia Santa Fe, NM	1.0	2.0	1408	$3,375	$2.40	21d	1	0.98mi
945 Agua Fria St Unit B Santa Fe, NM	1.0	1.0	1100	$2,250	$2.05	43d	1	1.05mi
508 Franklin Ave Santa Fe, NM	2.0	1.0	1900	$2,300	$1.21	21d	1	1.07mi
903 Don Gaspar Ave Santa Fe, NM	2.0	1.0	1600	$3,500	$2.19	21d	1	1.10mi
537 Kathryn Ave Unit C Santa Fe, NM	1.0	1.0	1174	$1,805	$1.54	43d	1	1.17mi
406 Cortez Pl Santa Fe, NM	3.0	2.0	1450	$2,650	$1.83	43d	1	1.19mi

HOA detail condo

• Monthly dues: $833 · $9,996/yr
• Likely covers: gymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $45,000 Active 95 DOM
2. 2026-06-18
   days on market $45,000 Active 94 DOM
3. 2026-06-17
   days on market $45,000 Active 93 DOM
4. 2026-06-16
   days on market $45,000 Active 92 DOM
5. 2026-06-15
   days on market $45,000 Active 91 DOM
6. 2026-06-14
   days on market $45,000 Active 89 DOM
7. 2026-06-13
   days on market $45,000 Active 88 DOM
8. 2026-06-10
   days on market $45,000 Active 86 DOM
9. 2026-06-09
   days on market $45,000 Active 85 DOM
10. 2026-06-08
    days on market $45,000 Active 84 DOM
11. 2026-06-07
    days on market $45,000 Active 83 DOM
12. 2026-06-03
    days on market $45,000 Active 79 DOM
13. 2026-06-02
    days on market $45,000 Active 78 DOM
14. 2026-06-01
    days on market $45,000 Active 77 DOM
15. 2026-05-31
    days on market $45,000 Active 76 DOM
16. 2026-05-30
    days on market $45,000 Active 75 DOM
17. 2026-03-16
    listed $45,000 Active 897-char remark

    Show marketing remark (897 chars)

    Amazing opportunity: this spacious 1,850 sq ft residence is priced the same as smaller units currently on the market—don’t miss out! This is the only 3-bedroom unit available in El Corazon for fractional ownership, offering exceptional space and value just a 5-minute walk to the Historic Santa Fe Plaza, restaurants, galleries, and shopping. Own a fractional share of this beautifully appointed 3-bedroom, 2.5-bath townhome. Not a timeshare—this is deeded real estate. Owners receive 4 guaranteed weeks per year, plus additional weeks based on availability, and may share their time with friends and family. The HOA covers property taxes, insurance, utilities, and full maintenance, including furnishings, appliances, on-site staff, and gated parking. Community amenities include a fitness gym and outdoor BBQ area, making this a convenient and effortless way to enjoy Santa Fe.

18. 2017-04-05
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥87°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,703
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − HOA: −$9,996
• − Depreciation: −$1,309
• Taxable income: $16,944
• Est. tax owed @ 24.0%: −$4,067
• After-tax cash flow: $11,991/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Santa Fe Public Schools
• NCES district ID: 3502370
• Math proficiency: 34% ▲ 16.00%
• Reading proficiency: 70% ▲ 40.00%
• Median HH income: $55,031
• Composite: 44.78/100
• National rank: #2744
• State rank: #6 of 29 in NM

Livability — Santa Fe

• Score: 74/100
• State rank: #9
• US rank: #4641

Category grades

Amenities A+ Commute A+ Cost of living B- Crime F Employment C+ Housing B+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Fe, NM
• County: Santa Fe County · 118,003 people
• City population: 118,003
• Metro: Santa Fe, NM
• Population (ZIP): 16,007
• Household income: $79,603
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 905.0

Population outlook (Santa Fe County) Hauer SSP2

• Today (2025): 156,674 people
• By 2030: 159,422 · +1.8%
• By 2040: 160,891 · +2.7%
• By 2050: 159,966 · +2.1%
• By 2075: 161,318 · +3.0%
• By 2100: 157,302 · +0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 28% Two or more races 15% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 8% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 12% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Santa Fe

• 2024 margin: Solid D (+48.9) · D 73.3% · R 24.4% · Other 2.2%
• 2008→2024 swing: -6.1pp toward R · 2008: 55.0pp · 2024: 48.9pp
• All cycles: 2024: D+48.9 2020: D+53.8 2016: D+51.0 2012: D+51.0 2008: D+55.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -595.93%
• Current HPI: 250.8292
• Rent YoY: ▲ 2.65%
• Metro: Santa Fe, NM
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-03-16 Listed $45,000 Santa Fe MLS
• 2017-04-05 Sold (Public Records) — Public Records

Property tax history

+1.6%/yr

Latest (2025): $6,123 · +2.6% YoY. Source: county tax records.